FEMA , RBI
This query is : Resolved
31 October 2022
Experts
I have a query on write off of unrealised export bills under FEMA.
We are having export debt due from a client in Iran from 2019. Payment could not be made due to sanctions and our AD bank refused to handle remittance from Iran.
Softex is llying on those export invoices.
Now we have decided to write off the debt as bad in accounts.
On approaching AD bank for allowing making bad debt and knock off Softex in EDPMS they have said they cannot act on this matter as it is related to Iran.
Do we need to approach RBI as per FEMA rules or our liability ends on referring the matter to our AD.
Please advise.
I have a query on write off of unrealised export bills under FEMA.
We are having export debt due from a client in Iran from 2019. Payment could not be made due to sanctions and our AD bank refused to handle remittance from Iran.
Softex is llying on those export invoices.
Now we have decided to write off the debt as bad in accounts.
On approaching AD bank for allowing making bad debt and knock off Softex in EDPMS they have said they cannot act on this matter as it is related to Iran.
Do we need to approach RBI as per FEMA rules or our liability ends on referring the matter to our AD.
Please advise.
31 October 2022
See the link for guidelines on write off.
https://m.rbi.org.in//Scripts/NotificationUser.aspx?Id=12005&Mode=0
https://m.rbi.org.in//Scripts/NotificationUser.aspx?Id=12005&Mode=0
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